TXPR closed at 512.37, up 1.45% on the day. Volume today was 3.64-million, the highest by far of the past 21 trading days. The price index has recovered all the ground it has lost since 2023-8-24!
CPD closed at 10.16, up 0.69% on the day. Volume was 133,110, second-highest of the past 21 trading days. It hasn’t closed this high since 2023-9-6!
ZPR closed at 8.57, up 1.66% on the day. Volume was 486,320, highest by far of the past 21 trading days. We haven’t seen a close like this since 2023-8-28!
Five-year Canada yields were up to 4.33%.
Equities were flattish, with the pundits looking at bonds:
Canada’s main stock index rose on Monday as energy shares rallied, but the market was still trading near its lowest level in four weeks as investors worried about interest rates being kept at elevated levels for longer than previously expected. The Canadian 10-year bond yield climbed above the 4% threshold to its highest in nearly 16 years.
…
The Canadian five-year bond yield – closely watched because of its influence on popular terms of fixed mortgage rates – also rose to a 16-year high on Monday, reaching 4.33%.
It’s very tempting to ascribe today’s market pop to the surprise redemption of TD.PF.K, particularly given the fine performances of TD.PF.A, TD.PF.B and TD.PF.C. But who knows? Those eager to bet on a wave of uneconomic bank pref redemptions are urged to remember that TD’s enormous amount of excess equity make it an outlier in terms of financial condition.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4009 % | 2,160.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4009 % | 4,144.0 |
| Floater | 11.27 % | 11.38 % | 38,595 | 8.58 | 2 | -0.4009 % | 2,388.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0184 % | 3,360.6 |
| SplitShare | 5.02 % | 7.29 % | 42,479 | 2.25 | 7 | -0.0184 % | 4,013.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0184 % | 3,131.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0148 % | 2,474.2 |
| Perpetual-Discount | 6.90 % | 7.09 % | 43,675 | 12.39 | 33 | -0.0148 % | 2,698.0 |
| FixedReset Disc | 5.93 % | 9.14 % | 106,146 | 10.60 | 55 | 2.9868 % | 2,123.1 |
| Insurance Straight | 6.88 % | 6.96 % | 61,840 | 12.64 | 17 | -0.2483 % | 2,615.9 |
| FloatingReset | 11.67 % | 11.81 % | 38,100 | 8.30 | 1 | 0.1412 % | 2,280.7 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.9868 % | 2,326.8 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.9868 % | 2,170.3 |
| FixedReset Ins Non | 6.65 % | 8.63 % | 126,673 | 11.07 | 11 | 0.5265 % | 2,254.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.C | Insurance Straight | -5.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 15.94 Evaluated at bid price : 15.94 Bid-YTW : 7.03 % |
| CU.PR.J | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.91 Evaluated at bid price : 16.91 Bid-YTW : 7.12 % |
| ELF.PR.F | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 7.15 % |
| FTS.PR.J | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.56 % |
| POW.PR.A | Perpetual-Discount | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 19.94 Evaluated at bid price : 19.94 Bid-YTW : 7.05 % |
| MFC.PR.J | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 8.46 % |
| FTS.PR.M | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 10.06 % |
| BN.PF.J | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 9.73 % |
| BN.PF.H | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 10.29 % |
| IFC.PR.C | FixedReset Disc | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 9.51 % |
| MFC.PR.K | FixedReset Ins Non | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 8.32 % |
| BN.PF.D | Perpetual-Discount | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 7.35 % |
| BN.PF.A | FixedReset Disc | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 9.41 % |
| BN.PR.R | FixedReset Disc | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 11.34 % |
| FTS.PR.K | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 9.44 % |
| BMO.PR.F | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.73 Evaluated at bid price : 24.36 Bid-YTW : 8.02 % |
| CM.PR.Y | FixedReset Disc | 2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.54 Evaluated at bid price : 24.12 Bid-YTW : 8.15 % |
| PWF.PR.T | FixedReset Disc | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 8.96 % |
| TD.PF.J | FixedReset Disc | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 8.01 % |
| BIP.PR.E | FixedReset Disc | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 8.93 % |
| BN.PF.B | FixedReset Disc | 2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 10.13 % |
| CM.PR.T | FixedReset Disc | 2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 22.80 Evaluated at bid price : 23.50 Bid-YTW : 8.11 % |
| TD.PF.M | FixedReset Disc | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.58 Evaluated at bid price : 24.16 Bid-YTW : 8.12 % |
| CM.PR.Q | FixedReset Disc | 2.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 9.38 % |
| BMO.PR.Y | FixedReset Disc | 2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 9.19 % |
| FTS.PR.G | FixedReset Disc | 2.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 8.51 % |
| CM.PR.P | FixedReset Disc | 2.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 9.51 % |
| NA.PR.G | FixedReset Disc | 3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 21.84 Evaluated at bid price : 22.30 Bid-YTW : 8.07 % |
| RY.PR.M | FixedReset Disc | 3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 9.26 % |
| CM.PR.S | FixedReset Disc | 3.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 8.11 % |
| NA.PR.W | FixedReset Disc | 3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 9.53 % |
| BMO.PR.T | FixedReset Disc | 3.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 9.43 % |
| TD.PF.E | FixedReset Disc | 3.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 9.15 % |
| TD.PF.L | FixedReset Disc | 3.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.56 Evaluated at bid price : 24.25 Bid-YTW : 7.86 % |
| BMO.PR.W | FixedReset Disc | 3.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 16.93 Evaluated at bid price : 16.93 Bid-YTW : 9.45 % |
| TD.PF.I | FixedReset Disc | 4.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 22.39 Evaluated at bid price : 23.10 Bid-YTW : 7.74 % |
| RY.PR.J | FixedReset Disc | 4.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 9.27 % |
| BMO.PR.E | FixedReset Disc | 4.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 21.94 Evaluated at bid price : 22.45 Bid-YTW : 7.89 % |
| TD.PF.D | FixedReset Disc | 4.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 9.20 % |
| RY.PR.S | FixedReset Disc | 4.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 8.05 % |
| RY.PR.Z | FixedReset Disc | 4.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 8.98 % |
| RY.PR.H | FixedReset Disc | 4.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.94 Evaluated at bid price : 17.94 Bid-YTW : 9.05 % |
| CM.PR.O | FixedReset Disc | 4.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 9.06 % |
| BMO.PR.S | FixedReset Disc | 4.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 8.96 % |
| NA.PR.S | FixedReset Disc | 5.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 9.14 % |
| TD.PF.C | FixedReset Disc | 5.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 9.23 % |
| TD.PF.B | FixedReset Disc | 5.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.29 Evaluated at bid price : 18.29 Bid-YTW : 8.94 % |
| TD.PF.A | FixedReset Disc | 6.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 8.88 % |
| BNS.PR.I | FixedReset Disc | 7.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 21.59 Evaluated at bid price : 21.95 Bid-YTW : 7.79 % |
| TD.PF.K | FixedReset Disc | 15.58 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 6.09 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.J | FixedReset Disc | 204,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 9.27 % |
| TD.PF.L | FixedReset Disc | 133,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.56 Evaluated at bid price : 24.25 Bid-YTW : 7.86 % |
| TD.PF.A | FixedReset Disc | 112,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 8.88 % |
| BMO.PR.T | FixedReset Disc | 95,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 9.43 % |
| TD.PF.M | FixedReset Disc | 82,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 23.58 Evaluated at bid price : 24.16 Bid-YTW : 8.12 % |
| CM.PR.O | FixedReset Disc | 79,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-09-25 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 9.06 % |
| There were 34 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| POW.PR.C | Perpetual-Discount | Quote: 18.30 – 21.18 Spot Rate : 2.8800 Average : 2.3627 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 18.95 – 19.95 Spot Rate : 1.0000 Average : 0.6018 YTW SCENARIO |
| SLF.PR.C | Insurance Straight | Quote: 15.94 – 16.90 Spot Rate : 0.9600 Average : 0.5818 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 18.99 – 20.48 Spot Rate : 1.4900 Average : 1.1454 YTW SCENARIO |
| BN.PF.J | FixedReset Disc | Quote: 18.15 – 18.96 Spot Rate : 0.8100 Average : 0.4689 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 11.96 – 12.80 Spot Rate : 0.8400 Average : 0.4989 YTW SCENARIO |